So I am currently within due diligence period on a property and my inspector identified that majority of the home's siding is asbestos siding - pretty much everywhere except the front face siding.

Everything you do has to be sent to a "special" All in One Department that your not allowed to talk to at the bank. 

Many of the complexes have major deferred maintenance and at some point you may be "special assessed" for that maintenance. 

One mentioned that he viewed it as ‘musical chairs,’ and at the time he didn’t want to be overleveraged, so he ‘took his chair’ by paying off a majority of his portfolio (not all but got pretty conserative).

TIC's also are limited in quantity of investors to 35  and you might have a few meetings to discuss major repairs and there will inevitably be a capital call every so often because of extraordinary items. 

We have known some that were great flippers that saw $$$ and jumped into major renovations (heck they do them in under an hour on TV so how hard can they be right?)

Don't abuse this, we probably talk to one of our PMs once or twice a year when we have a major issue, we have 40 properties "It happens".  

Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.Tenant Default: 0-5% probability of eviction or early lease termination.Section 8: Class A rents are too high and won’t be approved.Vacancies: 5-10%, depending on market conditions.Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Class B Properties:Tenant Pool: Majority of FICO scores 620-680, some blemishes, no convictions/evictions in last 5 years.Tenant Default: 5-10% probability of eviction or early lease termination.Vacancies: 10-15%, depending on market conditions.Cashflow vs Appreciation: Typically, 1-3 years for positive cashflow, balanced amounts of relative rent & value appreciation.Section 8: Class B rents are usually too high for the Section 8 program.Class C Properties:Tenant Pool: Majority of FICO scores 560-620, many blemishes, but should have no convictions/evictions in last 3 years.

I noticed in my area the vast majority of rooftop companies don't do their own work and instead subcontract it out.

The majority of serious investors I work with are out-of-state investors.